The Week: Media News - Smith eyes £800m turnover

John Smith, the BBC Worldwide chief, has revealed that its planned commercial partnership with Channel 4 would generate an annual turnover of £800 million.

During a speech to the House of Lords, Smith stated that the annual profit of the new entity would be around £200 million, as well as announcing plans to buy stakes in both UKTV and the DVD business 2Entertain. An agreement on the new venture, which would be owned in equal shares by Channel 4 and BBC Worldwide, is expected within weeks.